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A15
WEDNESDAY,
OCTOBER 1,
2014
• Twitter: @GuardianTT • Web: guardian.co.tt
Johnson & Johnson agreed
to pay US$1.75 billion in cash
to buy privately held Alios Bio-
Pharma Inc, which is develop-
ing a drug for a respiratory viral
infection for which there is no
approved treatment.
J&J, whose shares were mar-
ginally higher at US$106.71 in
morning trading, said Alios
would also give it access to a
portfolio of drugs targeting other
viral infections.
J&J has been increasing its
focus on treatments for infec-
tious diseases, having signed
two other deals earlier this year
---one for the maintenance treat-
ment of people with HIV and
the second to treat influenza.
Alios s experimental drug,
AL-8176, to treat infants with
respiratory syncytial virus (RSV)
is currently in mid-stage trails.
In July, the company reported
positive results from a similar
study in adults. RSV is the most
common cause of an inflam-
mation of the airways in the
lung and pneumonia in infants
under the age of one, according
to the US Centres for Disease
Control and Prevention (CDC).
Johnson & Johnson to buy private drug developer for US$1.75bn
Following a financial
assessment of Trinidad
Cement Ltd (TCL) by
PricewaterhouseCoopers
(PwC), TCL has decided
to place a hold on all
payments due under the
existing restructured
loan agreements and has
proposed a "standstill."
The decision to pro-
pose a standstill came
after TCL met with its
lenders on Monday to
update them on the pres-
ent state of the compa-
ny.
"Subsequent to the
meeting, the board of
directors took a decision
to place a hold on all pay-
ments under the existing
restructured loan agree-
ments and proposed a
standstill," read a notice
TCL yesterday issued to
its stakeholders.
TCL said a compre-
hensive restructuring plan
will be submitted by
October 31, which will
include "actions to pre-
serve" the ongoing oper-
ations of the company,
and to ensure its overall
long-term viability.
In the notice, TCL also
advised that Dr Rollin
Bertrand, who was TCL
Group chief executive
officer who had been sus-
pended by the new board,
has since been terminat-
ed.Bertrand, along with
chairman Andy Bhajan,
Carlos Hee Houng, Bevon
Francis, Leonard Nurse
and Brian Young, ten-
dered their resignations
minutes before a group
of shareholders met to
have them removed at the
August 19 special com-
pulsory meeting held at
the Radisson Trinidad
hotel, Wrightson Road,
Port-of-Spain. Although
he resigned as director at
the special meeting,
Bertrand retained his
position as chief executive
officer.
Immediately after the
special meeting, the new
board, comprising busi-
nessman Wilfred Espinet,
retired public servants
Alison Lewis, Jamaican
business executive Chris
Dehring, Port-of-Spain
attorney Glenn Hamel-
Smith, UTC executive
Nigel Edwards and
Cemex executives Carlos
Palero and Francisco
Aguilera, met and voted
to suspend Bertrand for
30 days.
At the time, new TCL
chairman Espinet said,
"They suspended him
because there were some
concerns that the share-
holders and directors had.
We needed to make sure
the proper process has
been followed in giving
Dr Bertrand a chance to,
first of all, analyse
whether or not there was
any issue that we saw
that was not in keeping
with normal practices,"
Espinet said.
Espinet said that
Bertrand s suspension
should last no more than
30 days while a review of
his performance was
done.
In yesterday s notice,
TCL places hold on all debt payments
...and sacks CEO Dr Rollin Bertrand TCL said Bertrand was
terminated as Group CEO
following a review of his
performance by the board
of directors. This decision
was taken when the
board met on September
18, and was communi-
cated in a September 22
letter addressed to
Bertrand and delivered to
him on September 23.
Regarding legal matters
involving shareholders,
TCL said that on Sep-
tember 18, the matter
Wilnet Holdings Ltd and
Ors vs TCL and Republic
Bank Ltd, came up for
case management con-
ference before Justice
Frank Seepersad, who
gave leave to the parties
for the action and ancil-
lary action to be discon-
tinued.
TCL said leave was
granted on its own
undertaking to pay the
costs of the claimant and
joined defendant (Repub-
lic Bank) to be assessed
in default of agreement.
These costs are to be cer-
tified fit for senior coun-
sel for the claimants and
the joined defendant.
Also, in the matter
between TCL and
Kamal Ali, TCL on Sep-
tember 29 filed a notice
of discontinuance with
an agreement to pay the
defendant s costs in the
proceedings fit for senior
counsel.
Prior to the special
meeting, TCL directors
had filed an action against
one of the group s share-
holders, Kamal Ali, who
had issued the notice for
the meeting. The share-
holders got the green light
to meet after a High
Court judge dismissed an
injunction application by
TCL directors which
sought to block the
meeting.
Karlene Chin, wife
of Derek Chin,
centre, cuts the
ribbon to formally
open Derek Chin
and the Dachin
Group of Companies
Rizzoni's Ristorante
Italiano at Fiesta
Plaza, MovieTowne,
on Monday. With
her are, from left,
Stefan Chin, Trade
Minister Vasant
Bharath, Ryan Chin,
his wife Heldy Chin,
Derek Chin, and
Finance Minister
Larry Howai.
PHOTO: ANDRE
ALEXANDER
NEW ITALIAN RESTAURANT